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Interest-bearing notes are a grouping of Civil War-era bills of credit-related emissions of the US Treasury. The grouping includes the one- and two-year notes authorized by the Act of March 3, 1863, which bore interest at five percent annually, were a legal tender at face value, and were issued in denominations of $10, $20, $50, $100, $500 and ...
By the war's end, a cake of soap could sell for as much as $50, and an ordinary suit of clothes was $2,700. [7] Near the end of the war, the currency became practically worthless as a medium of exchange. This was because, for the most part, Confederate currency was bills of credit, as in
Obverse of the first $1 bill, issued in 1862 as a legal tender note featuring Treasury Secretary Chase, who later held as Chief Justice that such bills are unconstitutional, before being overturned. The Legal Tender Cases primarily involved the constitutionality of the Legal Tender Act of 1862, 12 Stat. 345, enacted during the American Civil ...
The original large-sized Civil War issues were dated 1862 and 1863, and issued in denominations of $1, $2, $5, $10, $20, $50, $100, $500 and $1,000. [27] The United States Notes were dramatically redesigned for the Series of 1869, the so-called Rainbow Notes. The notes were again redesigned for the Series of 1874, 1875 and 1878.
Before the Civil War, the United States used gold and silver coins as its official currency. Paper currency in the form of banknotes was issued by privately owned banks, the notes being redeemable for specie at the bank's office. Such notes had value only if the bank could be counted on to redeem them; if a bank failed, its notes became worthless.
The Specie Payment Resumption Act of January 14, 1875 was a law in the United States that restored the nation to the gold standard through the redemption of previously unbacked United States Notes [1] and reversed inflationary government policies promoted directly after the American Civil War.
A "greenback" note issued during the Civil War One of the first attempts to issue a national currency came in the early days of the Civil War when Congress approved the Legal Tender Act of 1862 , allowing the issue of $150 million in national notes known as greenbacks and mandating that paper money be issued and accepted in lieu of gold and ...
The bill was passed into law on February 14, 1861 effecting such transfer of employment. On March 9, 1861 the Provisional Congress authorized the printing of Confederate currency, in the form of paper treasury notes, amounting up to a total of $1 million (CSA). [3]